Preamble

The Government Land Bank ("Bank"), pursuant to St. 1975, c. 212, as amended ("Enabling Act"), may dispose of state surplus land or an interest therein ("StateSurplusLands")to anypersons, including without limitation governmental agencies and instrumentalities and private persons or entities, whether for profit or not-for-profit, to the extent allowable by the Enabling Act, and other applicable law, and consistent with a redevelopment plan approved pursuant to the Enabling Act ("Redevelopment Plan"). Prior to such disposition, the Bank shall undertake an independent determination of the value of the State Surplus Lands through procedures customarily accepted by the appraising profession as valid for determiningproperty value ("Appraisal"). If the consideration for the State Surplus Lands is to be less than the value as determined by an Appraisal, notices of this difference shall be disclosed in the Central Register published by the Secretary of State and given to the House and Senate Ways and Means Committees prior to such disposition. Additionally, if a formal competitive process willnot be the method utilized for the disposition of State Surplus Lands to a private person or entity, the Bank shall disclose the reasons therefore in said Central Register prior to such disposition. The decision by the Bank, when utilizing a competitive disposition process, to convey or transfer State Surplus Lands to any private person or entity must be based on an evaluation of proposals pursuant to the following regulations.